Some programs will do the full LTV that a long term rental would have and some lenders will reduce the LTV by 5%.

Requiring a copy of a government-issued ID is a good extra layer of security.

Some rehab lenders have favorable refinancing programs to convert the rehab loan to permanent 30 year financing.

A lot of universities have students that need mid term housing due to graduation dates, mini semester programs, etc. and I've found if you approach them and offer them a solution to this problem, they are willing to work with you and help send business your way. 

The California government will deal with the damage the same way all governments do , they will find a way to raise taxes or get the Feds to pay for it ( that will be difficult with the new administration ) Here is what I find ironic , California has C.A.R.B. to pass regulations on vehicle emissions .

Your relo benefits will likely govern this decision more than other factors.

Issue is, in these "bad" deals the government comes after the lease option seller for predatory lending practices and the eviction / foreclosure process is a nightmare.

Looks like there is one program that has not closed yet in Ohio, maybe not the right county, but I would call anyway, they typically know who else could help.https://nlihc.org/rental-assistance?

The government will pay on time all the time once it is set up completely.

Big Banks like Wells Fargo, BOA, Citi, US Bank, and Chase utilize lending programs aimed to service large swaths of depositors.